GameStop is going all-in on NFTs and crypto because nothing else has worked
It was inevitable.
It’s no secret that GameStop has struggled to maintain relevance in the modern gamer’s life. Even before COVID-19 shut down most physical businesses, people had turned away from the mainly brick-and-mortar game store in favor of digital downloads and places like Amazon.
Now, according to a new report from The Wall Street Journal, GameStop is creating an entire crypto division and wants to launch an NFT marketplace.
According to sources, this marketplace is expected to launch in late 2022.
GameStop is reportedly in talks with game companies, hoping they will offer their own NFTs in GameStop’s NFT marketplace.
The company is also apparently working on two deals with existing crypto companies.
Disregarding the fact that NFTs are terrible for the environment and can promote stolen art, public perception of NFTs (due to a variety of factors) is mixed at best.
You have to wonder if this is the best look for a company that is already subject to ridicule. That said, GameStop shares increased by 27% on Thursday after the news.
Look, I get that GameStop desperately wants to rebrand and regain relevance in an ever-evolving market. I really do, but we’ve seen time and time again how quickly people will cut off companies once they delve into the crypto market.
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